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| APA Crosses Critical Technical IndicatorBy Energy Stock Channel Staff, Thursday, August 19, 11:23 AM ET
In trading on Thursday, shares of APA Corp (NASDAQ:APA) entered into oversold territory, changing hands as low as $15.715 per share. We define oversold territory using the Relative Strength Index, or RSI, which is a technical analysis indicator used to measure momentum on a scale of zero to 100. A stock is considered to be oversold if the RSI reading falls below 30. In the case of APA Corp, the RSI reading has hit 29.1 — by comparison, the universe of energy stocks covered by Energy Stock Channel currently has an average RSI of 38.8, the RSI of WTI Crude Oil is at 28.9, the RSI of Henry Hub Natural Gas is presently 42.9, and the 3-2-1 Crack Spread RSI is 47.9. A bullish investor could look at APA's 29.1 reading as a sign that the recent heavy selling is in the process of exhausting itself, and begin to look for entry point opportunities on the buy side. Looking at a chart of one year performance (below), APA's low point in its 52 week range is $7.445 per share, with $24.30 as the 52 week high point — that compares with a last trade of $15.70. APA Corp shares are currently trading down about 5.2% on the day.
The APA RSI information above was sourced from TechnicalAnalysisChannel.com Can your brain be trained to become a chart-predicting wizard? Click here to find out
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